Resident Surplus Lines Broker/Broker Firm

 

Statutory Authority:

  • Wyoming Statutes §§ 26-9-201, et seq.

  • Wyoming Statutes §§ 26-11-101, et seq.

License Required:

  • Individuals and Firms that deal directly with surplus lines insurers procuring coverage for an insured whose home state is Wyoming must obtain a Wyoming surplus lines broker license. 

  • If an individual producer deals directly with an insured as a retail agent and the required coverage cannot be procured from among the authorized insurers that are writing the required kind and class of insurance, then the producer may contact a licensed surplus lines broker to procure coverage from an eligible surplus lines insurer.   In this circumstance, it would not be necessary for the retail agent to also hold a Wyoming surplus lines broker license. 

  • Pursuant to Wyo. Stat. §26-11-115, the Surplus Lines Broker may accept and place business from licensed agents/producers. 

  • The licensed Surplus Lines Broker is responsible for reporting the transaction and remitting Surplus Lines taxes to the Wyoming Insurance Department. 

Qualification for License:

  • Applicant must have active producer license with property and casualty lines of authority.

  • Applicant must pass surplus lines exam within twelve months of application.

  • Applicant must be competent and trustworthy with respect to the handling of surplus lines.

  • Applicant must maintain an office at a designated location known to and accessible by the commissioner.

  • If an individual is conducting surplus lines business on behalf of a firm, the firm must also become licensed.  This is not a prerequisite to individual licensing. 

  • NAIC Uniform Application accepted for surplus lines licensing.

  • Resident individuals and resident firms must each have a $10,000 surplus lines bond (see details below).

  • Firm must designate a responsible producer.  The responsible producer must hold a Wyoming surplus lines license.

License Class/Type:

  • Resident Surplus Lines Broker or Broker Firm.

Line of Authority:

  • Surplus Lines

License Term:

  • License term is two (2) years.

Renewal:

  • Individuals renew on the second anniversary of the last day of the month of the licensee’s birthday. 

  • Firms renew on March 31 every second year.

Fees:  

  • Licensing fee: $100.00

  • Renewal fee: $100.00

  • Fees are the same for individuals and business entities.

Exam:

  • Individuals must pass the surplus lines exam within 12 months prior to applying for a license.

  • Contact PearsonVUE to schedule an exam.

Forms:

  • Uniform Application for Individual Producer

  • Uniform Application for Business Entity

  • Uniform Renewal Application

  • Paper forms are available through NIPR.

  • Wyoming Surplus Lines Bond Form

Submitting an Application:

  • Electronic applications are preferred for efficiency and faster licensing.

  • Submit an electronic application through Sircon or NIPR.

  • Paper applications may be mailed to: Wyoming Insurance Department at 106 E. 6th Avenue, Cheyenne, WY  82002.

  • Checks must be made payable to the Wyoming State Treasurer.

  • Licensing fees are nonrefundable.

Bond:

  • Bond must be filed prior to issuance of license and shall remain in force for as long as the license remains in effect.

  • Bond must be issued by an authorized insurer.

  • Bond requirement applies to both individuals and firms.

Renewal: 

  • Renew by paper or electronically through Sircon or NIPR. 

  • Individual license renews on the second anniversary of the last day of the licensee’s birth month. 

  • Firms renew on March 31 every two years.